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‘Never lose infinite hope’: RBI Governor Shaktikanta Das quotes Martin Luther King Jr, Mahatma Gandhi in policy address

RBI Governor Shaktikanta Das quoted Mahatma Gandhi and called on people to resiliently face the COVID-19 pandemic.

April 07, 2021 / 12:17 PM IST
RBI Governor Shaktikanta Das (file image)

RBI Governor Shaktikanta Das (file image)

Reserve Bank of India (RBI) Governor Shaktikanta Das on April 7 quoted Mahatma Gandhi and Martin Luther King Jr. to project hope and as he sought to instil confidence among people amid the second wave of COVID-19 pandemic.

Speaking about the impact of a recent surge in novel coronavirus infections in the country, Das said: “In India, we are now better prepared to meet the challenges posed by this resurgence in infections. Fiscal and monetary authorities stand ready to act in a coordinated manner to limit its spill-overs to the economy at large and contain its fallout on the ongoing recovery.”

“We must accept finite disappointment, but never lose infinite hope,” Das said, quoting Nobel laureate and leader of the American civil rights movement Martin Luther King Jr.

Das also quoted Mahatma Gandhi and called on people to resiliently face the pandemic. “I truly believe in the indomitable spirit of the human race which confronted the trial by virus during 2020 with resilience and fortitude and the will to survive. Let 2021 be the harbinger of a new economic era for India,” Das said.

“If patience is worth anything, it must endure to the end of time. And a living faith will last in the midst of the blackest storm,” Das said, quoting Gandhi.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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The central bank’s Monetary Policy Committee (MPC) on April 7 kept the repo rate unchanged at 4 percent and retained its ‘accommodative’ stance. The Marginal Standing Facility (4.25 percent), bank rate (4.25 percent) and reverse repo rate (3.35 percent) were also kept unchanged.

The Reserve Bank retained Gross Domestic Product (GDP) growth of 10.5 percent for the fiscal year 2022 and said global growth is gradually recovering from the pandemic-triggered slowdown, but remains uncertain.

The RBI governor said that retail inflation is likely to be at 5 percent in Q4 FY21, against 5.2 percent forecast earlier. The Consumer Price Index (CPI) inflation trajectory is likely to be subject to both upside and downside pressures, he said.

Das said that retail inflation for Q1 and Q2 FY22 was seen at 5.2 percent. CPI inflation for Q3 and Q4 FY22 is being seen at 4.4 percent and 5.1 percent, respectively, he added.

Follow this LIVE blog for latest updates on RBI Monetary Policy
Moneycontrol News
first published: Apr 7, 2021 12:17 pm

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